Dubai-based companies Emaar and Damac are among the leading listed real estate entities in the Arab world, Forbes Middle East announced late on Wednesday night.

With an asset base of $21.7 billion (£16.39 billion), as well as the highest amount of revenue at $3.7 billion (£2.79 billion), Emaar towered above the remaining nine companies in the list.

Emaar tied with Damac Properties for profit earnings of $1.2 billion (£0.91 billion). And Jabal Omar Development Co. came out on top for highest market value at $14.1 billion (£10.65 billion).

Editor in Chief at Forbes Middle East, Khuloud Al Omian said,” The real estate market in the region is undergoing a transformation. The market is now witnessing a shift from high-end luxury buyers to the middle-class segment of affordable consumers. With the turmoil witnessed in the GCC, the UAE’s real estate market still is robust and has proven adaptive to change.”